Clise-Nordstrom Trades Property for Housing Credits

SEATTLE-The Clise-Nordstrom development partnership behind the new 1700 Seventh Avenue office building has swapped development rights for a parcel near development for housing bonus credits worth $1.2 million. 1700 Seventh L.P., the core developing entity behind the new office building, made the deal with Housing Resources Group (HRG), a private, non-profit affordable housing developer.

The land transfer will help build Stewart Court, a 65-unit apartment project in the heart of downtown Seattle for working people who earn 50 to 60 percent of area median income. “Instead of randomly purchasing housing bonus credits from other affordable housing projects throughout the city, the Clise-Nordstrom venture teamed with HRG to locate Stewart Court on the same site,” said Jim Ferris, HRG executive director. “This effort is a unique approach to affordable housing development in downtown Seattle and one that we hope will guide future development.”

Seattle’s Housing Bonus program promotes commercial and housing development by allowing commercial ventures to purchase housing bonus credits. The housing credits generated when affordable housing is created downtown enabled the venture to build a larger building within existing height restrictions.